EPS growth is based on reducing corporate overheads and increasing revenue. This is a conservative estimate of revenue growth based on past 2 years EBT growth. I am banking on sales throughput for calves being higher in '15 due to high prices for beef. In addition, we should see a one-off positive impact to earnings through the 020 Bond issued for CAML debt:
https://www.anzsecurities.co.nz/Dire...spx?id=3717270
This is from the FY14 report:
Corporate interest costs reduced from $.08M to $0.3M as secured loans continued to be repaid. The balance of secured debt owed to thelender was $2.6M at June 2014, down from $5.1M inJune 2013.
The listed entity, Allied Farmers Ltd, has shareholders’funds of $3.1M. As in the last year’s accounts, the Group accounts still reflect negative equity as the consolidated result does not attribute the fullmarket value of the investment in the NZ Farmers Livestock subsidiary or thesaleyard properties held.